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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income before income taxes $ 82,748 $ 82,197 $ 164,077 $ 152,401
Interest income        
Interest and fees on loans 179,759 133,988 350,685 263,613
Interest Income, Securities, Operating, Taxable 15,581 11,281 30,890 21,324
Nontaxable interest and dividends on securities 2 2 3 3
Interest on loans held for sale 39 35 73 99
Interest on federal funds sold and short-term investments 3,312 2,817 3,977 3,703
Total interest and dividend income 198,693 148,123 385,628 288,742
Interest expense        
Interest on deposits 31,909 2,111 54,584 4,218
Interest on borrowings 14,238 1,151 19,500 2,231
Total interest expense 46,147 3,262 74,084 6,449
Net interest income 152,546 144,861 311,544 282,293
Provision for (release of) credit losses 5,000 0 12,250 (2,000)
Net interest income after provision for credit losses 147,546 144,861 299,294 284,293
Noninterest income        
Deposit account fees 5,508 5,828 11,424 11,321
Interchange and ATM fees 4,478 4,027 8,662 7,636
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions 10,348 9,329 20,127 18,002
Mortgage banking income 670 1,042 978 2,404
Bank Owned Life Insurance Income 1,940 1,871 3,794 3,666
Gain Realized on Life Insurance Policies (176) (123) (187) (123)
Loan level derivative income 1,275 436 1,683 1,040
Other noninterest income 6,362 5,242 12,144 9,978
Total noninterest income 30,757 27,898 58,999 54,170
Noninterest expenses        
Salaries and employee benefits 53,975 49,538 110,950 98,249
Occupancy and equipment expenses 12,385 11,637 25,207 24,939
Data processing & facilities management 2,530 2,247 5,057 4,619
Business Combination, Acquisition Related Costs 0 0 0 7,100
Software Maintenance 3,134 2,645 6,083 5,209
Amortization of Intangible Assets 1,716 1,902 3,531 3,903
FDIC assessment 2,674 1,743 5,284 3,548
Debit card expense 2,217 1,861 4,388 3,626
Professional Fees 1,935 2,760 4,012 4,510
Other noninterest expenses 14,989 16,229 29,704 30,359
Total noninterest expenses 95,555 90,562 194,216 186,062
Income before income taxes 82,748 82,197 164,077 152,401
Current Federal, State and Local, Tax Expense (Benefit) 20,104 20,421 40,186 37,528
Net income $ 62,644 $ 61,776 $ 123,891 $ 114,873
Basic earnings per share (in dollars per share) $ 1.42 $ 1.32 $ 2.78 $ 2.44
Diluted earnings per share (in dollars per share) $ 1.42 $ 1.32 $ 2.78 $ 2.44
Weighted average common shares (basic) (in shares) 44,129,152 46,665,101 44,564,209 47,013,989
Common shares equivalents (in shares) 7,573 14,096 13,568 17,403
Weighted average common shares (diluted) (in shares) 44,136,725 46,679,197 44,577,777 47,031,392
Retained Earnings [Member]        
Noninterest expenses        
Net income $ 62,644 $ 61,776 $ 123,891 $ 114,873
Cash dividends declared per common share (in dollars per share) $ 0.55 $ 0.51 $ 1.10 $ 1.02